It’s 2022, and many of us want this year to be better than last year. Instead of just hoping this happens, let’s make some realistic goals and put steps in place to achieve them. Here are some of my goals:
1. Continue to invest at least 10% of my salary in retirement accounts. Investing money gives me the opportunity to allow my money to grow. Because of inflation, money sitting in a savings account is actually losing buying power by the day. To prevent this, I keep a certain amount of money in an emergency fund and make a habit of investing the rest.
Since I know I can’t be relied upon to actively put the money into investment accounts each month, I make it automatic by having 10% of my paycheck automatically invested into my work 403(b) — similar to a 401(k) — before the money hits my bank account. I also have a set amount automatically invested into my Roth IRA.
You can do the same thing. The amount you choose to invest is up to you, but having automatic contributions into your 403(b) or Roth IRA will allow you to start building wealth long before you retire, creating more options for you in the future.
2. Make more money from side hustles (increase passive income). As a senior resident physician who is starting fellowship next year, I haven’t gotten the “big bucks” just yet. I make more than I did as a first-year doctor, but I still haven’t gotten that attending salary boost.
Although I’m anxious to get paid more, I refuse to put my life on hold for a year and a half until that time comes. While many people choose to moonlight (work extra shifts as a physician) to supplement their income, I’ve always been concerned that […]
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